Bank of England Act 1998 (c. 11)

SCHEDULES

SCHEDULE 5 U.K. Transfer of functions: consequential amendments

Part I U.K. Banking supervision

Chapter I U.K. Banking Act 1987

1 The M1 Banking Act 1987 is amended as follows.

Marginal Citations

M1 1987 c. 22.

2 In section 1—

(a) in subsection (1), for the words from the beginning to “ “Bank”)” there is substituted “ The Financial Services Authority (in this Act referred to as “the Authority”) ”,

(b) in subsections (2) and (3), for “Bank” there is substituted “ Authority ”, and

(c) in subsection (4)—

(i) for the words from the beginning to “Bank”, in the second place where it occurs, there is substituted “ Neither the Authority nor any person who is, or is acting as, an officer or servant of the Authority ”, and

(ii) for “Bank”, in the third place where it occurs, there is substituted “ Authority ”.

3 In sections 3(1) and 4(3), for “Bank” there is substituted “ Authority ”.

4 In sections 7 to 10, for “Bank”, wherever occurring, there is substituted “ Authority ”.

5 In section 11—

(a) for “Bank”, wherever occurring, except subsection (1A)(c), there is substituted “ Authority ”, and

(b) in subsection (1A)(c)—

(i) for “the Bank is informed by The Securities and Investments Board, or” there is substituted “ it appears to the Authority, or the Authority is informed by ”, and

(ii) in paragraph (ii), for “that Board or” there is substituted “ the Authority or that ”.

6 In section 12—

(a) for “Bank”, wherever occurring, there is substituted “ Authority ”, and

(b) in subsection (1)(a), for “Bank’s” there is substituted “ Authority’s ”.

7 In sections 12A to 17, for “Bank”, wherever occurring, there is substituted “ Authority ”.

8 In section 19—

(a) for “Bank”, wherever occurring, there is substituted “ Authority ”, and

(b) in subsection (3), for “Bank’s” there is substituted “ Authority’s ”.

9 In sections 20 to 27, for “Bank”, wherever occurring, there is substituted “ Authority ”.

10 In section 29—

(a) for “Bank”, wherever occurring, there is substituted “ Authority ”, and

(b) in subsection (3), for “Bank’s”, in both places, there is substituted “ Authority’s ”.

11 In sections 30 to 34 and 36 to 42, for “Bank”, wherever occurring, there is substituted “ Authority ”.

12 In section 43(1)—

(a) for “Bank” there is substituted “ Authority ”, and

(b) for “Bank’s” there is substituted “ Authority’s ”.

13 In sections 46 to 49, for “Bank”, wherever occurring, there is substituted “ Authority ”.

14 In sections 52(2A), 58(2A)(b), 59(1)(a) and (4), 65(1), 67(6), 68(7) and 69(7), for “Bank” there is substituted “ Authority ”.

15 In sections 70 to 72 and 75, for “Bank”, wherever occurring, there is substituted “ Authority ”.

16 In section 76—

(a) for “Bank”, wherever occurring, there is substituted “ Authority ”, and

(b) in subsection (3)(b), for “Bank’s” there is substituted “ Authority’s ”.

17 In sections 77 to 80, for “Bank”, wherever occurring, there is substituted “ Authority ”.

18 In sections 92 to 96, 99 to 101 and 105, for “Bank”, wherever occurring, there is substituted “ Authority ”.

19 In section 106(1)—

(a) in the definition of “authorisation”, for “Bank” there is substituted “ Authority ”,

(b) after that definition there is inserted—

• ““the Authority” means the Financial Services Authority;”, and

(c) in the definition of “relevant supervisory authority”, in paragraph (b), for “Bank” there is substituted “ Authority ”.

20 In Schedule 3, for “Bank”, wherever occurring, there is substituted “ Authority ”.